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As someone who went through a full cycle of new energy vehicles in 2020, crypto and meme stocks in 2021, the historical peak in solar PV, the collapse of industrial real estate, and the Memecoin frenzy in 2024, seeing this scene, I’ll be honest—I had an immediate, instinctive physiological reaction in my gut.
But “it feels familiar” can’t be a conclusion; the statement has to stand up to scrutiny. I pulled out several classic top-theory frameworks from both China and abroad and compared them to see whether this is truly a top.
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